Bitcoin trading is slowly ticking price up as profit takers close their short positions. The outlook remains cautiously optimistic without taking a strong position until we see confirmation of the larger trend.
Bitcoin Price Analysis
Time of analysis: 04h27 UTC
Bitstamp 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
The price pattern since the truncated low is unusual. The waves are well articulated although the price pattern still resembles the curving-then-drop, as circled elsewhere in the chart. It is not suggested that the current pattern will do this, but merely that it might. For now MACD (bottom) is holding above its zero line, and RSI has reverse diverged to the the downside – forcing an updraft.
Although our longer-term analysis points to a high probability of advance from the support floor, we’re still assuming that the present pattern is corrective. Remaining cautious keeps us on the lookout for signs of potential decline into a larger Bitcoin-in-Crisis downtrend.
Despite the wave